Mumbai, Dec. 14 -- Nynas AB has filed for company reorganisation as the company unable to pay debts.

The company in its statement said banks have not extended loans to the company. "Despite loyal customers and dedicated work by our employees, we have not been able to avoid the situation that has arisen," says Bo Askvik, acting CEO of Nynas AB. "Because the business is of great importance to our customers, and it is my absolute hope that the company can be reorganised under controlled forms so that we can continue to deliver our products."

"In the short term, we see no other opportunity than to request a reorganisation, in the long term, we see good conditions to continue the business. Nynas has a strong offering with good demand from th...